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Taxation of individuals investing in the UK

Taxation of individuals investing in the UK. Anne Healy-McAdam Tax Director. Agenda. Non domiciled individuals Business Investment Relief Tax on Property Non residents Annual Tax Enveloped Dwellings Non Resident Capital Gains Tax Privacy. Non domiciled individuals. Domicile

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Taxation of individuals investing in the UK

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  1. Taxation of individuals investing in the UK Anne Healy-McAdam Tax Director

  2. Agenda • Non domiciled individuals • Business Investment Relief • Tax on Property • Non residents • Annual Tax Enveloped Dwellings • Non Resident Capital Gains Tax • Privacy

  3. Non domiciled individuals • Domicile • Remittance basis – income and gains arising in or remitted to the UK • Remittance basis charge arises after 7 years and increases after 12 years • Longer term residents -15 out of 20 years; deemed domiciled • World-wide income and gains • Rebasing at 5 April 2017 • Cleansing Bank accounts pre April 2019

  4. Business Investment Relief • Available for foreign income or gains remitted to the UK used to make ‘qualifying investment’ • Strict deadline • Money must be invested within 45 days • Otherwise taxable • Claim • Qualifying Investments • Direct investment into a company/hybrid or stakeholder company (not to 3rd party) • Ord Shares/preferences • Loan (drawdown treated as new loans)

  5. BIR- Disposal • A Chargeable event can arise: • Company loses its status • Full or partial disposal • Benefit received • 2 or 5 years elapsed no trade commenced • Effect: • Reinvestment within 45 days; or repatriated offshore • To avoid being treated as a remittance • Although part of funds can be retained for CTD to meet CGT on a disposal

  6. Taxation of Property • A person is taxable on profits from property business if land situated in the UK • Non residents Landlords scheme • By application • Must comply with tax obligations • Gross rents • From April 2020 will move to CT rules

  7. Property issues • ATED is flat annual charge based on value of the property • ATED – ‘non natural person’ • high value residential property now property over £500K • Complete ATED return by 30 April, • Relief available on commercial lettings • Non Resident CGT • Rate 28% • NRCGT Return • SDLT higher rates

  8. Privacy Issues • Register of Overseas Entities • Current and new owners • Compliance • Criminal offence, penalties • Crown Dependencies and Overseas Territories • Exchange information on company beneficial ownership • Law enforcement • UK to impose requirement in UK Sanctions AML Bill ( Not Jersey, Guernsey or IOM)

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